Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Sat, 19 Feb 2022 05:06 PM IST
Summary
Gems And Jewelery Sector To Benefit From CEPA: India and the United Arab Emirates on Friday signed CEPA, which will reduce import duties on several key Indian products. Commerce Secretary BVR Subrahmanyam said this will give a boost to the gems and jewelery sector and help in creating over one million jobs.
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Addressing a virtual press conference, Subramaniam said that we are a major importer of gold. India imports 800 tonnes of gold every year, in this agreement we have given them a tariff quota rate of 200 tonnes. Along with this, the import duty has been kept less than 1 percent from the rest of the world. He further added that UAE has become a huge entry point for India to enter the rest of the world, so I think this agreement is very good for the jewelery sector.
Significantly, India and the United Arab Emirates on Friday signed CEPA, which will reduce import duties on several key Indian products. Both the countries have signed this agreement to further strengthen their trade ties. This is the first major business deal signed by the Narendra Modi government after coming to power in 2014. Under this, mainly UAE has reduced import duty on jewelery and India on gold.
The agreement was signed after a digital meeting between Prime Minister Narendra Modi and the Prince of Abu Dhabi and Sheikh Mohamed bin Zayed Al Nahyan, Deputy Supreme Commander of the UAE Armed Forces. The agreement was signed by Piyush Goyev, Minister of Commerce of India and Abdullah bin Touq Al Mari, Minister of Economic Affairs of the UAE. Modi and Sheikh Mohamed released a joint vision paper titled ‘Progress in the India-UAE Composite Strategic Alliance: New Frontiers, New Milestones’.
Colin Shah, President, Gems and Jewelery Export Promotion Council (GJEPC), said that I would like to express my gratitude to Prime Minister Narendra Modi, as the CEPA with the UAE will help boost India’s jewelery exports to the Gulf region. This is a significant step towards achieving the Prime Minister’s vision of making India a $5 trillion economy by 2025.